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Is Retrospective Taxation an Abuse of Sovereign Right of States to Impose Taxes?

India has gained an ill-reputation regarding its retrospective taxation laws in the past decade, especially due to the amendments made to Section 9 by the Finance Act, 2012. Retrospective operation of this amendment gave rise to three notable international tax disputes, namely the Vodafone International Holdings BV case, the Cairn Energy ...

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Posted Under: Income Tax |

Mutual Agreement procedure – OECD Recommendation on Stage 2 Peer Review Reports regarding time limit

The Double Taxation Avoidance Agreement (DTAA), inter alia, provide rules and mechanisms for allocation of taxing rights amongst the treaty partners; avoidance of economic and juridical double taxation; and resolution of taxation not in accordance with the treaty through the Mutual Agreement Procedure (‘MAP’).  MAP is an inbuil...

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Posted Under: Income Tax |

E-Way Bill under GST- Brief Analysis

Need of E-Way Bill ? 1. Tracking Transportation of Goods (as GST is a Destination Based Tax System) 2. To Avoid Tax Evasion When E-Way Bill Needs to be Issue ? When ever there is Movement of Goods + Value of Goods Exceed 50,000 Note : 1. Value means TAXABLE VALUE of Goods is Inclusive […]...

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Posted Under: Income Tax |

Bottleneck’s for seamless flow of Input Tax Credit under GST

Background The Goods and Services Tax (GST) was implemented in India on 1st July, 2017. It has been four years since the GST unified most of the indirect taxes laws in India. As it subsumed multiple taxes such as service tax, central excise and value added tax with aims to eliminate the cascading effect of […]...

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Posted Under: Income Tax |

Dividends of a foreign company received through its Indian depository are not taxable under Indo-Mauritius DTAA

Recently, the Mumbai bench of ITAT has given its final order in the case of Morgan Stanley Mauritius Co. Ltd. v. DCIT,[1] holding that dividend payments made by a foreign company to its domestic depository which were subsequently transferred to IDR holders are not taxable in India under the Indo-Mauritius DTAA. Despite the dividend income...

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Posted Under: Income Tax |

9 New functionalities deployed on the GSTN portal in July 2021

New functionalities deployed on the GSTN portal in the month of July 2021 1. Submission of a complaint in case of misuse of PAN > Do a Search by PAN functionality on GSTN Portal and check all the registrations available/ taken in GST, linked to that PAN. > You can now submit an online complaint, in […]...

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Posted Under: Income Tax |

Re-Registration under section 12AB for Trust/Institution

Effective Date: All the existing trusts and institutions registered under section 12AA of Income Tax Act, 19861 shall re-register themselves under section 12AB w.e.f. 01.04.2021 Registration u/s 12AB: Registration granted u/s 12AB shall remain valid for 5 years. (3 years in case of provisional registration) Forms to be filled: Form 10A: (...

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Posted Under: Income Tax |

Supply of Labour Services under GST Scenario

Under GST scenario supply of labour services is also an important issue. Prior to GST certain Supply of Labour Services were taxable under the Service Act, After introduction of the Goods and Services Tax Act,2017, most of the Supply of Labour Services are taxable.   So, we have to know how to handle Supply of Labour Services […...

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Posted Under: Income Tax |

No Penalty without evidence & for mere small difference in time

Air India Ltd. v. Commissioner of Customs (CESTAT Chennai)

The second allegation is that appellants have violated Regulation 5(n), by allowing unauthorised persons to enter into the area. Though, it is stated in the show-cause notice that the appellants have allowed unauthorised persons to access the premises, there is no evidence to support the same. The details of such unauthorised persons seen...

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Incorporation Procedure for Section 8 Company

Procedure for incorporating section 8 companies: (1) Where it is proved to the satisfaction of the Central Government that a person or an association of persons proposed to be registered under this Act as a limited company— (a)  has in its objects the promotion of commerce, art, science, sports, education, research, social welfare, r...

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Posted Under: Income Tax |

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